Please be advised that our office will be closed on Monday, May 20th to recognize Victoria Day. We will re-open on Tuesday, May 21st to happily serve your needs. Have a great long weekend!
So you have filed your 2018 personal tax return, now you are waiting for your refund. Unfortunately, you may be surprised to receive more then your refund in the mail in the coming weeks or months. If your return is selected for review, you may be contacted by a representative by telephone or in writing requesting supporting information based on your claim. Sometimes non-deductible amounts, such as funeral expenses, wedding expenses, loans to family members, a loss on the sale of a home used as a primary residence, and other similar amounts, are claimed on personal tax returns by mistake. If the CRA finds out that you made a mistake, or made a claim in error, they will change your return.
See a list here of the most frequent changes the CRA makes to personal tax returns.
Just a friendly reminder to all of our clients that our office will be closed on Wednesday, May 1st for a well-deserved rest!
We will re-open at 8:30 am on Thursday, May 2nd to happily serve your needs.
If you have a balance owing and do not file your personal tax return by April 30th, the Canada Revenue Agency will charge you a late-filing penalty of 5% of your balance owing on the due date of your return, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. Even if you cannot pay your balance owing by April 30th, you can avoid the late-filing penalty by filing on time. Filing late may also delay or stop benefit payments like the Canada Child Benefit. If you file your return but are unable to pay the amount owing, it is best to contact the Canada Revenue Agency; you may be eligible for a payment arrangement or taxpayer relief.
April 30, 2019 is the tax filing deadline for most personal income taxes for the 2018 year. This is also the deadline for any balances owing for 2018 personal income tax, including self-employed individuals.
If you have yet to file your return, we can help! Today would be a great day to contact us to ensure that we have the appropriate time to gather any missing information prior to Tuesday.
Are you renting out a room in your house? Are you renting out your basement? Are you renting out a condo unit or home you own? You must report this income on your tax return, but can also deduct related expenses. Follow this link for more information.
Did you know that if you sell your Principal Residence, you are required to report it on your personal tax return? If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. But if at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you may be required to pay tax on the sale. Follow this link for more information.
Are you claiming items like Employment Expenses, Office in the Home Expenses, or Medical Expenses on your tax return? Make sure you keep supporting receipts for those expenses for at least six years from the end of the tax year in which the expenses relate. Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep them in case the CRA selects your return for review. Follow this link for a list from the CRA of eight things to remember at tax time.
Most Canadian 2018 Personal Income Tax and Benefit Returns are due on Tuesday April 30, 2019. There is an exception for individuals who are self-employed, or who have a spouse or common-law partner who is self-employed. If this is the case, the deadline to file your tax return is June 15, 2019; however if you have a balance owing, you must pay it by April 30, 2019.
We are happy to assist you in filing your 2018 return once you gather all slips, receipts and documents to support your income and any credits, deductions and expenses you’ll claim.
Please stop by the office or give us a call at 403-327-3101 if you would like to discuss your Personal Income Tax Return!
February 28, 2019 is the due date for various Canada Revenue Agency (CRA) business filing and payment deadlines. The details of these deadlines are as follows:
- T4’s T4A’s, T5’s & T5018’s must be issued by this date for the 2018 calendar year
- Goods and Services Tax (GST) filers filing and payment deadline for the following reporting periods
- Quarterly filers with a January, April, July or October year-end
- Monthly filers, or
- Annual filers with a November year-end
- Corporation income tax balance owing for August year-ends if the corporation is a CCPC*
- Corporation income tax filing deadline for May tax year-ends
Please note that when the due date falls on a Saturday, Sunday, or a public holiday recognized by the CRA, payment is considered on time if it is received on the next business day. Also note that if you do not file on time, the CRA may charge a penalty, and if you have an overdue amount, the CRA will charge you interest.
Are you on top of your filing and payments? Do you need assistance with filing or paying one of the items listed above? We understand that these dates can get confusing; we are here to help make sure that you don’t miss another deadline!
* Canadian Controlled Private Corporation